Tag: 7212(a)

What happens if you fail to report cash payments to the IRS?

By Sanford Millar of MillarLaw A Professional Corporation On Sunday, November 13, 2016

If you operate a trade or business and receive $10,000 or more in cash for goods or servicesyou must file an IRS From 8300 and report the payment within 15 days.  The calculation of the $10,000 threshold includes lump sum and cummulative payments made in a twevle month period.  The IRS Form 8300 Reference guide … Continue reading What happens if you fail to report cash payments to the IRS?

Failure to Maintain Business Records Can Lead to Prosecution

By Sanford Millar of MillarLaw A Professional Corporation On Monday, October 17, 2016

A recent appellate court case out of New York (U.S. vs. Marinello) affirmed the conviction for tax evasion of a taxpayer for failing to maintain business records and timely file income tax returns. The facts of the case are as follows: “In 1990, Marinello incorporated Express Courier Group/Buffalo, Inc. (“Express Courier”), a New York corporation.Express … Continue reading Failure to Maintain Business Records Can Lead to Prosecution